Spanish construction company seeks protection from creditors

According to Spanish media, construction and real estate company Torrevisa-Masa International, based in Torrevieja and better known as Masa International, seeks protection from creditors. According to the publication Spanish Property Insight, the company suffered significant losses as a result of unsuccessful investments in the markets of Brazil and Croatia, as well as due to the sharp drop in sales of summer homes in the local real estate market. Currently, the company is trying to settle its relations with creditors. However, before making any official statements, it waits for notification that made whether to appeal to the judicial review. Over the past 25 years Torrevisa-Masa Internationa built in Torrevieja in the south of Alicante 30,000 homes, gaining a reputation as one of the largest developers in the Spanish resort real estate market.